Receiving payment system license
The main difference between these two types of licenses is:
– The possibility of issuing payment cards for the EMI and the impossibility for the API.
– The difference in the requirements for the authorized capital. For EMI - is at least EUR 350,000, for API - from EUR 20,000 to EUR 125,000, depending on the type and number of services, that the company plans to provide.
The API allows the license holder to provide the following services:
– debit cards (accounts).
– Money transfers via SWIFT, They were и SEPA.
– Making payments electronically / acquiring.
– Initiation fees (making payments directly to the bank accounts of customers).
– Aggregation of accounts under one "roof" ie. within the software.
EMI allows us to provide all the services listed above, plus the possibility of issuing electronic payment methods ie. e-wallet and payment cards.
Obtaining licenses Authorised Payment Institution (API) и Electronic Money Institution (EMI)
basic requirements to the holder licenses API / EMI:
- The presence of a local entity.
- Permanent presence in the country for at least the executive director, COO (These two functions can be combined in one person) and MLRO (Money Laundry Reporting Officer) ie. employee, responsible for carrying out practices, and compliance directive to combat money laundering.
- The presence in the country office.
Requirements for internal protocols and procedures:
- The business plan and the budget forecast for the three years.
- Prescribed control mechanisms for the company's work in accordance with the law.
- These appropriate measures to protect customers' funds.
- adequate insurance, in accordance with the requirements of the regulator.
- Employees must have a good reputation in terms of qualifications and skills.
- Protocol compliance with the law on combating money laundering and countering the financing of terrorism.
- appointment of auditor.
registration company type GmbH It involves making authorized capital at the amount EUR 25,000.
You can register the company and opening a bank account on the client, and on our staff.
The service is enabled registration:
- commercial registry.
- shopping registry.
- tax authority.
- trade Chamber.
- trade Association.
employment authority (when, if you plan to hiring employees).
For more detailed advice contact BWMS. E-mail address: firstname.lastname@example.org